[00:05] we are joined with a very special guest today a Bitcoin og a man who brought Boober to every city in America built some of the most popular early crypto products including changetip acquired by Airbnb zero block acquired
[00:20] by blockchain and interchange acquired by crack and exchanged and he is now the business the director of business development at Kraken the great and powerful Dan held how you doing today making me blush over here guys that's
[00:33] making me blush over here guys that's that's quite the intro I've survived this long in the crypto space so I guess that's saying something I'm not sure if you can see the gray hairs popping in what you know crypto years are like dog
[00:45] years so it's felt like an eternity I know they are like dog ears so uh what's the agenda today Erin well I'm excited to have Dan on because Dan been been in breaking down hard concepts and basically what we're gonna be doing
[01:00] audience we have some questions and we're just gonna be picking Dan's brain and hopefully we all will learn a little something right that's right and I think we both have a hard out at around 1 p.m. el la time so I'll make it short sweet
[01:15] el la time so I'll make it short sweet and good cool so yeah I guess first question how are you feeling about the overall state of Bitcoin today what are you most excited about yeah so I think you know back when I first got into it
[01:29] in 2012 Bitcoin cutie the coin core wallet was my first wallet which was a who had a full note with it so I didn't know what the hell I was doing I'm not I didn't come from tech or engineering I came
[01:44] from a finance background and so for me mm-hmm for me having that as my first wallet was hugely confusing I don't know what public private keys were I was like why does my wallet have to sync with this thing called a blockchain it was
[01:58] tremendously difficult also to buy Bitcoin I had to wire money to Japan to mal Cox which took like three to seven days and I'm crossing my fingers it gets there I mean Bitcoin at that time was still very shady like it was very shady
[02:13] really hard to use and so as the years progressed you know five macaques gonna come back Silk Road got shut down we weren't sure if that was the driving demand a factor for Bitcoin and later we would find out
[02:27] like oh because of its use in dark margaret's isn't what drives demand ultimately you know a month after so broad collapsed Bitcoin text and went from a hundred dollars to a thousand at the end of 2013 and so you know how I'm
[02:41] feeling about Bitcoin now is we've gone through all these struggles like we've we've seen Bitcoin Evan flow over the years and we've seen you know the space had all these structural issues you know like mal Cox was 90 percent of exchange
[02:55] volume you know you had different companies that the space was dependent on it and if they had failed Bitcoin would have been in a really bad spot you know where we are now is super strong the Bitcoin itself has resisted a civil
[03:07] war with the be cashiers has fitted off attacks from aetherium and other chains in terms of narrative attacks for people though though the flipped mean will occur in and currencies money are reflexive so as more people believe in
[03:20] it it grows stronger in price and that price grows more and more adoption so these narratives are critical to defends Bitcoin defended itself both on the narrative side on the business side and the technical side and so the coin has
[03:34] you know I've waited eight years to see this moment the protocols strong the there's tons of open-source development and interfaces that we can use that are much more intuitive for humans versus
[03:48] the old Bitcoin cutie client that I had back you know eight years ago and then we've got this macro backdrop of you know big financial crisis you know third Kovach Kovan 19 essentially creating this huge huge issue with that and the
[04:03] you know bitcoin was built and planted in this moment in 2008 as an antidote to poor central banking policy and we're about to print a literal infinity amount of fiat money and there's only 21 really a Bitcoin Bitcoin has survived this long
[04:18] everything's ready to go it's the way I kind of liken it is that it's like it's like a play the orchestra in the pit the conductor or you know the people all to begin to play all the actors and actresses are in place the sets the set
[04:31] and the backgrounds are all set up we just need the market to begin and then game that I'm this is the play that I've been waiting for so I couldn't be more bullish is the answer this weird answer he's never been more excited ladies and
[04:44] gentlemen that's always fun to hear and and there will be people that watch this scream in the stream in the replay that don't really understand it the big deal about Bitcoin those new people like what is it about Bitcoin what is your value
[04:59] proposition of Bitcoin for somebody who's never heard of it yeah that's a great question so you know whenever I'm approached with this it's narrative dependent on the individual you've got Millennials and Zoomers and
[05:13] boomers different age groups male/female different backgrounds finance folks technical folks I would say like the overarching theme is that Bitcoin was built as a antidote to poor central banking policy Satoshi planted Bitcoin
[05:28] in the middle of the 2008 financial crisis at that peak moment of despair and he did that and he wrote in the first block on blockchain UK chancellor on the verge of second bailout for banks because Bitcoin was meant to replace
[05:43] central banks and replace government monies and that's good because over throughout history over and over again we've seen these central banks have used that power and print more money than they had in backing in gold or print
[05:55] more money than was necessary and this is due to the political apparatus printing apparatus is that there are all sorts of mixed incentives for central banks and governments to print as much money as possible now bitcoin is the
[06:10] hard cap so essentially what we're talking about is an infinity of fiat from all these different governments and only 21 million Bitcoin and so the value prop for consumers and users all across the world is that you can store your
[06:24] wealth in Bitcoin it's not dependent on any government you don't have to trust any government you don't have to trust a bank and you can store that wealth over time now people would go oh bitcoins very volatile in price and what I mean
[06:36] immutability so I can send it and we see anywhere without requiring permission and I can store it very securely which means that it's very hard to see I can memorize it and put it my head I can put
[06:49] hardware device or I can have it on a server and so due to that really hard to changes the dynamic of citizens in the government and how wealth is preserved Bank of Americans he frees all the bank accounts boom instantly all that money's
[07:06] locked up trillions of dollars whereas in Bitcoin that's not possible and so mean by that stable purchasing power like a dollar stable in terms of what it can purchase that remains stable because it's
[07:20] centrally controlled so when people here store value they go wait bitcoins no it's a good store value due to its other parameters as money and it's good censorship resistant or a seizure seizure ship resisting nature so bitcoin
[07:34] is like the gold of 2.0 for the world this is what I want to go to the chat in just a second and I want to talk about your YouTube channel and take a little you know this is what I think I think and see if you agree with this or what
[07:48] you think about this I think you know bitcoin has now been around 11 years and a huge part of something like this like money is that trust aspect you know you got a trust it's gonna be around and in 1995 although the internet had been
[08:01] around in some form for decades in 1995 the internet was new to a lot of people people gone well I don't really see a point it's hard to use but cut to ten point it's hard to use but cut to ten years later to 2005 and everybody had
[08:15] just pretty much accepted the internet is here to stay so like you know I would think sometime in the next ten years that switch is going to flip for everybody what do you think about that yeah that's a great question when it
[08:28] technologies and these new monies these are long long arcs you know you might remember back to when you were younger and your buddy got a smartphone and all smartphones but then your parents don't had a flip phone you know that these
[08:44] ordered I don't know if you guys are old enough to remember this but there's cassette players you could put into your car and they would plug into your iPhone oh we remember you know I forget how long like when
[08:57] you know that was kind of a stopgap measure between cassettes and you know having the aux cable plugged right into your your you know I mean I grew up with cassette players and CDs then ox cables and then Bluetooth you know so I've seen
[09:12] millenials were the first you know like the digital age group so we were one of Bitcoin a Bitcoin challenges you challenges your core assumptions over challenges your core assumptions over money and governments and incentives in
[09:26] the production of money and what money does as a purpose you know so it's really hard for people to rock and gerak when I say that word what that means is like understand it's hard for people to understand what bitcoin is what's wrong
[09:40] with their existing system I mean most people don't those people don't know how central bank's work right like I don't want to challenge the fundamental nature of my reality which is what is money and and what are what are banks and what is
[09:53] my government most people don't want to dive down that rabbit hole it's like you planning to like challenge every assumption you've ever held so it's a process it takes time and it's this reflexive process as the price goes up
[10:06] more people become aware of it when people come in and speculate in and then in the dips people stick around and build that core lobular group the people that really truly believe in four at the floor for Bitcoin and so that
[10:19] increases over time we have higher lows we have sort of a stair step function where Bitcoin has this kind of rising floor believers so ultimately you know what Bitcoin represents as a belief and all each one of our minds that Bitcoin
[10:32] solves a problem and that's necessary and we buy into that and that's the way you'd have to kill each one of our beliefs in Bitcoin so you have to wrong about Bitcoin for Bitcoin to die it's really more of an idea that lives
[10:47] in all of our heads and ideas enabled by code that we can all validate and look at it we don't have to trust anyone I like it we did have a question from the cool yeah let's take a question let's see how many of us we got let's do all
[11:00] that stuff and go to the YouTube channel we have eight hundred and eighty people two 130 likes it would be great for Dan get those likes above 250 but taking a question from you and I forget who asked
[11:14] it but what are your thoughts on stable coins in 2020 and do you see stable coins is possibly a gateway from for adoption of Bitcoin yeah I definitely do I was also a fan of Libra you know first and foremost I'm a Bitcoin maximalist
[11:29] love it dude we're a Bitcoin fundamentalist I know we have the mind saying in my personal opinion all coins will trend toward zero versus opinion and we actively make content based on that well thanks for coming out
[11:46] guys and yeah very much you know I think that's why we get along so well you know when we think about stable coins in Libra a lot of times what these coins do is it helps people's belief in their government so you know there's a term
[12:00] you've got like let's say I want someone to take it uber and there are a new user they've heard about you jerk they've signed up for uber they've
[12:13] registered and they've done all the KYC EML and credit card and then they take marketing funding you lose people along the way and so you know sorry let me close my slack here blowing up with the messages yeah so you know with Bitcoin
[12:31] messages yeah so you know with Bitcoin you lose people in the funnel and when it comes to you know really how Bitcoin you know how do we attract like that new wave so there's a moment in the movie Inception
[12:43] we've got Leo DiCaprio talking and Tom Hardy and Leo goes to Tom because he's trying to convince Tom you join the inception team Leo goes to Tom he goes I have a crazy idea it's called inception and Tom goes it's not that crazy of an
[12:55] idea but we have to start with the core fundamental root of the idea so in the movie and inception I'm trying to convince this son who's about to inherit his father's billions to break up as father's conglomerate Empire and so Tom
[13:08] goes to Leo he goes you can't start with breaking up his father's Empire you have to start with the relationship of his father and so with Bitcoin similarly we start with people's relationship government and so that's what stable
[13:22] coins do that's what stable coins and Libra do is it challenges people's could be their only money if there's now other stable fiat money or stable you could call it you know fiat coins more so than stable coins because fiat loses
[13:37] a couple percent a year in inflation these challenge people's assumptions money and once they go down that rabbit hole you know at the top of the funnel hole you know at the top of the funnel now they're like okay money's like more
[13:50] digital less geo regional specific and then oh wait whatever we control the money bitcoin so I do think it's a good top of the funnel user acquisition top of the funnel user acquisition channel for Bitcoin I love it
[14:03] hear about bitcoin once and it's just takes so long before you you know the more you know the less you know and it's just you know it takes a while but America I think somebody else to me to this though I can't remember who
[14:16] originally said this like you know with coronavirus for the you know for months there was this just tipping point where all of a sudden everybody cared about and then you know I think that's gonna happen with Bitcoin for sure yeah we you
[14:32] been through the early thirteen late 13 and 17 bubbles so you know I've definitely seen that happen where no one cares no one cares no one cares everyone go oh price doesn't matter no price is everything that matters and even Satoshi
[14:48] hypothesized and this is before Bitcoin had any value Satoshi hypothesized that people will get FOMO and that would viral loop would be bitcoins primary marketing capabilities which would be even even despite yourselves at all
[15:01] point Daly and myself talking about Bitcoin even without us the price alone as it rises would you fuel that FOMO people buy into that expectation of increasing value and that increases awareness and adoption if Bitcoin stay
[15:15] none of us would be here right now you know it's the volatility that brings us know it's the volatility that brings us in that is true answer and speaking of not been there's there's never more content than there is today about
[15:29] Bitcoin and crypto and speaking of that speaking of that I do want to give it a little bit and share my screen real quick um dan I want to me just set it up first of all let me just say Dan has had his YouTube channel
[15:44] link is in the description for anybody who wants to subscribe dan has had his YouTube channel for a while now but he is just going through a process where is just going through a process where he's kind of you know getting into it
[15:56] and being more proactive with with videos and before you tell us what it's all about Dan I gotta say right now dan has one thousand six hundred and number one fan I want probably 15,000 people are going
[16:11] to see this video before 24 hours passes I would love to get Dan up to 5,000 subscribers link is in the description I know that's a lofty goal and it'd be done and what what you can expect with from Dan is a Bitcoin content that's
[16:26] easy to understand and Dan please tell us more about this I really appreciate I'm a big fan of y'all's channel as well and I'm new to this you know so if predominantly a lot of people found out my content and Who I am through Twitter
[16:41] and so I found that YouTube is a really important way to engage with people I've YouTube channels other crypto YouTube channels and you know sort of Washington oz content and really digging in and I was like this is a great way to talk
[16:55] about Bitcoin so you know I used to have a TV show called Hollywood metal and that was kind of my first foray into film I guess you could call it that and this was on blogtv and so I talked about different topics and we did this for
[17:07] around around a half a year or so and then block TV recently shut down so the way I'm looking at doing this is I'm kind of moving my my new content that I'm developing on Twitter move it over to here and the way I'm thinking through
[17:21] it is I'll probably have you know really clean crisp sci-fi desk videos that cover different topics about Bitcoin in a very understandable you know high-level manner we're not gonna say confusing words like hash and
[17:36] have like two videos where one is the technical one and one is like talk to me like I'm a human not a robot and so that's what I think I'm going to do is dig in deep on different Bitcoin topics or like why is Bitcoin volatile
[17:49] or why is Bitcoin worth anything you know very like beginner ask topics for lot of us in the Bitcoin space you know I very well-connected in terms of these older og bitcoiners who you know we've been around for such a long time you
[18:04] I want to make sure we go back to the basics and cover things like what is money why is big valuable the things I mentioned before because these are very important you know in each one of us whenever we want to go tell our family
[18:17] do you point them to it's like here's a tweet storm to medium articles three podcast and altcoin daily you know so I want to help kind of craft these like a little nugget sized pieces of wisdom that help convert no pointers into
[18:31] bitcoiners I love it I think what you just said about like people who've been in the space a while they sometimes forget what it's like to be new in my maximalist who I respect I think they have great points of view my opinion new
[18:46] people coming to them they're a little short sometimes where they isolate don't know what your experience is and you know they come to altcoin daily and Bitcoin but then I tell them hey no no it's it's only Bitcoin no but okay but
[19:01] like so 1600 we just got 10 more subscribers like I said link in the description you got to go subscribe to dance the channel and everybody be looking to see how many subscribers he jumps and also give him a chance because
[19:14] to be different from this stuff give him a chance with a couple videos see what again I'm looking for once a week currently working with two animators to visuals will be very compelling it's not just me talking about it you'll see
[19:30] custom-made visuals that I sketched iterated in design and figma that I didn't hand off to these professional video editors who then take it and animated so these will be straight from my hands visuals and how to explain
[19:43] bitcoins so in terms of making something as simple as possible I'm gonna try to do it also you might want to show them in the price of Bitcoin we don't have to do any audio on there but maybe ten-second clip oh yes price of Bitcoin
[19:57] so it'll very much be some of this aesthetic which is kind of a darker visualization that I did which was around bitcoins price time lapsed overtime so if you want to know what it feels like to be a Bitcoin Oliver since
[20:12] I've been in watching this gives you a good idea of how many swings I've gone lot of times people look back in the history and they see you know Bitcoin going from ten dollars to one hundred to a thousand they were like oh that was
[20:27] that we had ten dollars we weren't sure where it was gonna go you know if we did dollars would be much higher because we all would have bid it up so this I think this is a really cool visual so you know really clean black and white very simple
[20:41] as that because what I'm gonna go with and so I think this is a good video to look like and that'll all gonna be time last time lapse price charts but I do probably explore more with time lapse market data and time lapse data as well
[20:57] different Bitcoin metrics like maybe the number of active addresses or the amount of transaction fees and see those over time and then talk about it over time so it'll be it's a really unique way to look at different types of data and I
[21:11] think it it it's hard to understand moments in time when it comes to data because we zoom out we look at the current day in all history and it all seems to make sense we have to go back to what it felt like then so yeah this
[21:24] is one example of the type of confident you I bet people who bought it one hundred and forty dollars no like total losers buying it that much you know it was funny I bought at 260 in the peak that early peak in 2013 I'm gonna crash
[21:38] that early peak in 2013 I'm gonna crash to like 80 bucks sounds like a sure when you own this this was pretty depressing when I went down to 180 I remember that exact moment that was that was pretty peak moment of despair I
[21:52] sold my company zero block at $1200 a Bitcoin a year before that for a year and a half before that so can you imagine Halloween that Bitcoin that you sold your company for is to drop the eighty-five percent so for Bitcoin for
[22:05] to grow and survive as long as incredible it's also a great validation incredible it's also a great validation and I'm not crazy because sometimes when I hit like $180 I had my CPA dad email I mean going like hey should we just sell
[22:18] it all like or should you just sell it all now and me going no I still believe in it my investment thesis hasn't changed so you know things like this I perspective as to like what if you would like to be a Hollywood Hollywood
[22:31] like to be a Hollywood Hollywood presents yeah so thanks for showing this little clip but it's pretty it's pretty fun to watch it go I think a lot of people don't really understand what it was like that I like it because it gives
[22:44] you instant perspective as opposed to you know just sort of a small grasp that when you kind of think it starts but that give you instant a lot of people think bitcoin was just you know 2016-17 today didn't realize that it's been
[22:58] around a while hey we have a super chat question free band from an audience hypersonic he says to Dan what do you perceive as the largest threat flash Bertil to Bitcoin that's part 1 and part 2 what's your favorite beverage
[23:13] 2 what's your favorite beverage alcoholic or not great content guys well I'll start with the alcoholic one first I love a good scotch I love a good scotch so Laphroaig also Macallan 12 is a good
[23:27] go-to and then if I'm feeling a little bit cheaper you got like the maker's mark or Bulleit Bourbon you know Sophie my buddies buying around and I don't for you know the biggest threat to Bitcoin I think is is again Bitcoin can
[23:41] only die if we all stop believing in it because that's the only reason why the dollar has value or gold has value is the aggregate shared belief in it and so to kill Bitcoin I think would take require a pretty sustained amount of
[23:54] like government pressure I think bitcoin is still so much fragile at this moment when it comes to its ability to to resist a government pressure so for example like if all the US exchanges got shut down
[24:07] bitcoins not gonna die but the growth curve looked like this and now it's gonna look like this and so it just might take a lot longer for Bitcoin to its biggest threat I don't think it could kill it that's its biggest threat
[24:20] could kill it that's its biggest threat I don't really see much competition from they'd be kind of confused central bank digital currencies with cryptocurrency so Bitcoin isn't just a digital currency it's a gold 2.0 I mean it has gold 2.0
[24:35] characteristics to two elements like scarcity what you don't have in a traditional fiat being sort of sort of wayward in the central banking system we there's no guarantees of the trust whereas in Bitcoin we don't have to
[24:50] they were launguage well maybe 21 million so those are very distinct differences so I think you know the only way that Bitcoin value to kind of wrap up the old way the big Lincoln dies if we if the government continually in
[25:04] know the governments across the world haven't come together to solve climate come together to stop Bitcoin especially when the incentive for there to be Confederate nations and nations that break away from the majority group to
[25:18] buy Bitcoin ahead of everyone else that temptation is too irresistible and so from a game theory perspective it's very unlikely but let's see if all the governments across the world came together to ban in it certainly wouldn't
[25:30] be good for Bitcoin you would very much damage its long-term growth but I'd see by the next cycle at the peak of the next cycle with Bitcoin it's a 2 to 10 there because then you're gonna have different governments buy it as a
[25:43] central bank player the central bank will buy it itself and by that point it'll be too resilient to work governments they can damage it but it as much as it could now but that's what's kind of funny about Bitcoin is as
[25:56] what's kind of funny about Bitcoin is as when it's small no one cares as it grows end governments finally respond to it by by the but but by that point it's too you know 30 percent of your population owns Bitcoin if you ban it then you're
[26:10] owns Bitcoin if you ban it then you're not gonna be elected right and speaking of that in the last week or the last few weeks we've seen well we've just seen Goldman Sachs encourage all of their clients not to buy Bitcoin and use some
[26:23] sort of thud from like the early days as to why but also we've seen JP Morgan extend banking services for first time ever to do - the biggest Krypto exchanges and you have one of the are a part of one of the biggest crypto
[26:36] exchanges so do you feel that banks central banks are warming up the crypto or is not gonna be the last thing than that I'm not sure about central banks chairman of the Federal Reserve say that bitcoin is a speculative story about you
[26:51] he said that last I think I was last year I considered that a glowing endorsement the world reserve currency the head of the world reserve currency essentially says that bitcoin is a contender which is wild I mean it wasn't
[27:05] even recognized as legitimate until a few years ago or you know anyone can even talk about it submit the semi legitimate manner so yeah I mean I
[27:17] see these commercial banks like JP Morgan and Goldman Sachs or you know these investments JP Morgan go attacks JP Morgan is very much different Bitcoin companies I think that's huge silver gate which is a great
[27:30] company now I think was a is a weakness if silver gate is the only bank that a think they're a great company by the way they're super popular in this space and they have phenomenal a phenomenal team over there so I think diversification or
[27:44] decentralization is probably good for the network you know when it comes to show Bitcoin because it's not a golden product that's not a bundle of mortgages and a bundle of bonds is that a bundle of equities it's digital gold that they
[27:59] can't really repackage and resell to their to their customers so there's no financial incentive for the vasila and whoever the research report looked like it was written by an intern who had mental health issues and essentially
[28:12] it's like they were teleported back to 2013 copy-pasted a couple journalist articles and my bitcoins bad and use that as a research report like saying you know proof of work is is wasteful bitcoins volatiles of tulips yeah it's
[28:28] like a the longest bubble that's ever occurred if it's tulip esque style someone someone plot it over time the tulip bubble and all these other little bubbles and then bitcoin and it's just well I'm perpetually popping up words I
[28:41] amongst other miss consider the bitcoins used for illicit activities when in fact the US dollar as a percentage of transactions has a higher illicit activity percentage so all of these are a traditional 2013 era thud there's a
[28:55] we don't expect Goldman to give a glowing review of Bitcoin but at least job on the other fear at certain teamed up with a circus probably only gonna go about like 10 more minutes and we'll wrap things up get the final
[29:10] questions and I did want to like ask in now coming from a Bitcoin minimalistic point of view his thoughts on some old points just generally speaking want to chat Mike asking what are your thoughts positive and negative not last that I'll
[29:26] stuff it up he's gonna ask about a theory about specific questions first of theory about specific questions first of all what like because I know that you and Pierce with the leadership at cracking or huge bitcoiners what is
[29:38] Krakens philosophy or what is your philosophy just generally being a big point about you know listing things other than basically yeah so I'm a that people were able to make their own decisions when it comes to purchasing
[29:51] and buying and selling different types of assets I think Jesse is an incredible person in the space is one of most crypto you know Bitcoin ethos sort of dudes I don't think he's a he's not a hundred percent Bitcoin I think he's
[30:03] hundred percent Bitcoin I think he's just more of a very very sharp company something that people want and so he very much respects libertarian ideology it's very much woven through Krakens culture so being a libertarian you know
[30:16] Jesse as in allowed me and others to speak very freely even though I don't think he agrees 100% with my views which i think is incredible because that shows a lot of like respect for other people's opinions so I've had tremendous amount
[30:29] tens of thousands of his own Bitcoin into Kraken to get it up and running so you know Jesse unlike a lot of other Silicon Valley startup founders put in his own capital which is huge and so Krakens in a great spot today I think
[30:44] it's a lot to do with Jesse's resiliency in that culture you know I think list we've never charged a listing fee so we've never ever charged those team's process is pretty transparent we have a team that set up to be transparent when
[30:59] they own has information before anyone else so crack and I think very much adheres to everything being fair I'm saying with on on the training side have any secret feet air structures what you see is what you get as a as a you
[31:15] know as a regular person or a market making firm and so we very much respect the fairness of participation in the market now as a Bitcoin ER and personally I only like the claim but I do respect other people's want to buy
[31:29] their assets and I work at cracking so I'm a crack and I help crack can do whatever it needs to do to go fulfill those needs of our customers cool cool and I guess just generally now not talking about cracking but just your
[31:41] thoughts why not all coins why is it just Bitcoin Dan come on why not both ones so I've seen 10,000 crypto currencies come and go people forget that there's a 2014 alkaline bubble and a lot of people like
[31:55] to marginalize bitcoiners and they go oh Bitcoin maximalist they didn't they never even checked out other alt coins I did I bought and sold eath I date traded did I bought and sold eath I date traded litecoin I mined prime coin I mined the
[32:10] thought it was going to do something more useful with a proof-of-work that was back in 2014 and you know I didn't halal well in 2012 early 2013 you know ID trade it a little bit I wasn't very good at it
[32:25] and then I learned to halal I learned why Bitcoin was valuable and I read about the scarcity element you know blockchain tech was purpose-built to build a Bitcoin you don't build a tank and then go oh we can just swap this
[32:37] tank out and use it for ride-sharing you know planting a garden or all these other all these are the functions lock chains make extreme trade offs they trade off almost everything to have this super resilient architecture to preserve
[32:51] data and preserve these transactions and order them in a certain function across an adversarial environment if you don't build a tank for a hostile civilian environment you build it for a really intense military
[33:06] war zone type environment and that's what bitcoin is built for so you know built to build build Bitcoin we've had enough experiments now to where one of these should have competed in flip and Bitcoin by now if the value
[33:19] profit that watching or that cryptocurrency had been greater than Bitcoin these are network effect plays so whereas the network effect grows the price increases the liquidity increases the number of tools and
[33:32] projects and wallets that supported increase and this is past such a point going to be another contender that can create a new network effect that would be as large or larger than Bitcoin that first mover advantage is huge not only
[33:47] Satoshi made sure that everyone perceives Bitcoin he's being launched fairly and unlike any other founder in the world including metallic Satoshi talaq did and seeing with Jeff Bezos and it one else Satoshi like prometheus have
[34:02] sacrificed himself for the greater good of humankind in terms of his - so by wanted to make sure Bitcoin was launched fairly there's no expectation of value it survived and grew and it survived civil wars survive liquidity issues
[34:18] there's the first mover it's its commitment to the rules set within the commitment to the rules set within the protocol are a pro not a common a lot of understand Bitcoin because their web app or their mobile app needs to be updated
[34:32] a weather app that they need updated and they're pushing new weather data api's and there's new GUI interfaces so change is constant Silicon Valley we're always shipping something new but with the money you don't want them and that's
[34:45] what bitcoins brilliance was is that it's got a 21 million card camp and so other cryptocurrencies you know we've got code that is agreed upon by different participants we all buy into the native token Bitcoin and because we
[35:00] buy into those rules that Bitcoin set out and when we look at Bitcoin how confident are we that the 21 million hard cab won't ever change you can never
[35:12] be you know 100 100 % sure confident well you can be 99.9999% sure Bitcoin our trust in bitcoins monetary policy is greater than any fiat currency
[35:24] in any crypto currency in existence so you know I can trust that those 21 value because if it will never be 22 million the never be 20 million it will be 21 million and that's critically important because Trust is required to
[35:38] belief in this trust less architecture you know it's really what enables Bitcoin and so when we look at other cryptocurrencies like aetherium what is the theory of you know monetary policy they claim it's whatever amount is
[35:52] needed to be printed to secure the network well that sounds just like the Federal Reserve the Federal Reserve is a bunch of old men in the room who dictate monetary policy based on really poor inputs the etherium community as well as
[36:05] they don't necessarily know every single aspect they're guessing it's impossible to choose an inflation rate it's a bitcoins choice function they have that so the overall it's the 21 million hard cap the belief and Trust in
[36:20] the 21 million hard cap the network effect liquidity etc its duration people also forget that time plays a really critical important factor in this even if we could trust someone trusts that aetherium monetary policy doesn't change
[36:35] after today it'll never have the accumulated trust that the contest because it has 10 years so they're always perpetually behind in terms of that aggregate trust like that's how that's how the money works on
[36:48] trusted counterparties and time is the only way you develop that trust if you build trust with each other there's no way to snap your fingers and be like cool we trust each other now so you know I think these are all the
[37:01] reasons as to why Bitcoin versus alts what bitcoin is the value bitcoin is the one currency that I would recommend that everyone get I love it and I do want to probably only have time for a few more minutes I do want to talk about Dan's
[37:16] wish there's so many more questions we could go over let's just do a little rapid-fire like you know for all what do you guys thirty-second answers this time please take as long or short as you want somebody super chat at 50 bucks and much
[37:30] and said what what is not financial advice just opinions what is the best way to store Bitcoin do you have any recommendations Bitcoin do you have any recommendations yeah so depends on how much trust you
[37:43] have in yourself the ultimate goal of Bitcoin is to do self custody what that means is you put it on a treasure or ledger and then you would back up that treasure ledger you get a 12 to 24 word backup code you put that on titanium or
[37:57] steel metal that is the most resilient weight a story on Bitcoin now if you're afraid of messing that up I would probably recommend you try a custodial service that is a Kraken or coin base for someone else you trust that they
[38:10] won't run away with your money or that they won't be hacked however that they won't be hacked however that likelihood is somewhat low well it with these companies you are trusting them to safeguard your Bitcoin but if
[38:23] yourself you should probably trust them because I know a lot of big lenders lost their bitcoins back in the day because of very complex sort of structures so you know maybe put a little bit on there and put a little bit on me the treasure
[38:36] and then as you become more comfortable that move more and more money off it so these is how much do you trust yourself and setting it up it's not that doing it correctly are pretty bad because you lose all your money and we
[38:52] are definitely going to end the stream in like two three minutes before we get to one of the final questions again guys Dan held has had his YouTube channel for weekly content breaking down hard concepts I've always been a subscriber
[39:07] so you guys need to get on board my personal goal for Dan is to get 5,000 that's a lofty goal we've already had over 200 yeah but over 200 and you know most people are going to watch this in the next 24 hours but if you want to
[39:21] know make sure you watch a couple of his future videos I definitely recommended great guy to learn from in the space mining I love it Hey so we have a super check I have a final question maybe Erin I'll have a
[39:35] final question these two questions then we're done okay going to the super chat from Dave from David could government support BTC then create a BTC Bay Fiat coin that they could print more of and inflate wouldn't that create similar
[39:51] issues to what we have now with the doll yeah so to change bitcoins 21 million hard cap would require all the network participants to agree upon that you know lives in our minds it basically does because we each choose to abide by the
[40:07] 21 million hard cap rules and so you know Bitcoin doesn't have a proof of you would you might be able to do something like that where if you own X percentage of coins you can change the rules the Bitcoin doesn't have that it's
[40:20] movies where you got all the guys pointing guns at each other it's like the miners the node runner in the node and hollers and the business is and each other and so to change those rules you know the majority of bitcoiners
[40:36] wouldn't choose to you know dilute their their net worth by printing more money so I don't think anyone had agreed to run the rules by this by this big country that would decide to to go oh hey we think they should be more Bitcoin
[40:49] different Bitcoin so yeah I think it was fiat on top of it like we had a gold standard fee on kind of two questions there so that on the fiat side yes I know a lot of central banks across the world still have gold seems like the US
[41:04] Russia and China so these central banks own gold so technically they could go back to a quasi gold standard and so there could be a quasi Bitcoin and gold standard so or the Bitcoin standard if you will that is possible but I think if
[41:18] they go back to that at that point this citizen will go why would I trust your fiat money I'm just gonna store my money in Bitcoin because that's my option so it's kind of a lose-lose game for central banks if they get coin will win
[41:33] and so if you act like you're scared of it you give it legitimacy and people go wait you control the whole economy why do you care about what you care about flinch the confidence game is lost if they
[41:47] embrace it as well it makes themselves redundant so sort of a lose-lose either way you know I don't think people will necessarily want to have a dollar back to buy Bitcoin because you just through and my final question just
[42:01] because we get this question so much but for you personally are you excited about for you personally are you excited about defy and what is defy to you that's a me some people would consider bitcoin defy I think it's a largely of theory
[42:15] community has pivoted their narrative multiple times they were a platform so the platform's kinda like apps and platforms very much resonated with Silicon Valley because they made sense to them that platform fundraising
[42:30] platform aka ICS both of those ideas are dead world computer which is what they sold when they did the IC at their initial ICO that's also dead so the to more than eath is money and that eath is defy or decentralized finance it's a
[42:46] nice compressed narrative that makes sense it's one of many that before it have structural flaws for defy to work it requires an immense amount of scaling in very theoretical engineering sort of things they need to be done which I
[43:00] don't think anyone knows including metallic so you know bit max did a really great write-up over aetherium 2.0 or bed max was basically like lol good luck bit max research is probably the best research group in the space other
[43:13] best research group in the space other than Krakens research team and so yeah they're taking immense risks and challenges to do this defy thing and defy currently like a lot of times we find that's very centralized so there'll
[43:25] be a kill switch or the developers can freeze funds we also saw maker now which is one of the most popular defy products have their game theory break holders $0 bits that was due to a variety of different factors but needless to say it
[43:37] broke it broken whatever fast do you want to say broke and say game theoretic it broke or terms of like the bidding mechanism broke essentially like across mechanism broke essentially like across that's that right so you know you're
[43:50] building skyscrapers on skyscrapers in terms of complexity game theory code etc and it's hard enough to do sound money you know and if you start to build on top of that these foundations are super weak and also a lot of these are
[44:05] so I've got a background on product and marketing what problem are you solving you know I don't get a credit card because I have a bunch of cash in the back I get a credit card because I need to borrow money like all you're really
[44:18] doing is enabling wealthy Wales to go borrow against their eath and then buy more eath though so go leopard or they hope that the eighth goes up and so they borrow against it to pay for expenses today but you know that that's not like
[44:31] that's sort of target user segments that would want to use that product is pretty would want to use that product is pretty small and so yeah TL DR it's it's really small and so yeah TL DR it's it's really complicated TBD on value prop it's a
[44:43] great experiment for Bitcoin Bitcoin has gone on for the largest total stored value which is hundreds of trillions of dollars of worth that's all it's gonna focus on and that's fine if you can do other kind of cool or things
[44:56] problem with startups is about focus and with eath they're trying to do to do one thing you got to do it well Bitcoin will do that with sound money additional incremental functionality through side chains lightning whatever
[45:11] we're here to solve we're here to solve the biggest problem which is relationship between governments and money we're about to break that that's that's what we're trying to achieve and I'd also say that even if you are if
[45:24] somebody is excited about gaps the market if all the gaps that will ever be successful if there is any that market is not gonna be bigger than the market of money just for some perspective anyway guys so much more we could ask
[45:36] Dan but we do have to go Daniel have to come back sometime I appreciate you being on there I had a blast thanks for having me all all right absolutely having me all all right absolutely ending the stream